SEVENTH AMENDMENT TO GENERAL AGENT SALES AGREEMENT
EXHIBIT 99.1.(d)(vii)
SEVENTH AMENDMENT
TO
GENERAL AGENT SALES AGREEMENT
This SEVENTH AMENDMENT TO GENERAL AGENT SALES AGREEMENT, dated as of April 1,
2016, is by and between MONY LIFE INSURANCE COMPANY OF AMERICA ("MONY AMERICA"),
an Arizona life insurance company, and AXA NETWORK, LLC, a Delaware limited
liability company ("GENERAL AGENT").
MONY America and General Agent hereby modify and amend the General Agent
Sales Agreement, dated as of June 6, 2005, between MONY America and General
Agent (the "SALES AGREEMENT") to establish the compensation rates payable by
MONY America to General Agent on sales of Incentive Life Optimizer(R) III,
effective from and after the date hereof, as more particularly set forth on the
SCHEDULE 1 of EXHIBIT A attached hereto and made a part hereof.
Except as modified and amended hereby, the Sales Agreement is in full force
and effect.
IN WITNESS WHEREOF, the parties hereto have caused this Seventh Amendment to
General Agent Sales Agreement to be duly executed and delivered as of the day
and year first above written.
MONY LIFE INSURANCE COMPANY OF AMERICA AXA NETWORK, LLC
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ By: /s/ ▇▇▇▇▇ ▇▇▇▇▇
---------------------------------------------------------- --------------------------------------------------------
Name: ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Name: ▇▇▇▇▇ ▇▇▇▇▇
Title: Senior Executive Director and Chief Financial Officer Title: President and Chief Executive Officer
1
EXHIBIT A
AMENDED AND RESTATED SCHEDULE 1
EFFECTIVE AS OF APRIL 1, 2016
General Agent Compensation for Life Insurance Sales and Servicing
This Amended and Restated Schedule 1 of Exhibit A is effective as of the date
set forth above and is attached to and made part of the General Agent Sales
Agreement dated June 6, 2005 by and between MONY Life Insurance Company of
America and AXA Network, LLC.
Compensation to General Agent in connection with the sale and servicing of life
insurance policies will be calculated on a policy by policy basis. Total
compensation to General Agent in respect of the sale and servicing of each life
insurance policy will be a percentage of the premiums received by MONY America
and, where applicable, fund-based basis points in respect of such policy as more
particularly set forth in the following tables:
Commissions on renewals and 2014 and later Sales of Individual Permanent Life
Insurance Products (other than Incentive Life Optimizer(R) III):
TYPE OF PREMIUM PERCENTAGE
------------------------------------------- -------------------------------------------
MONY VUL
First policy year up to Target 110.0%
Excess Premiums (Policy Year 1) 4.0%
Renewals(1) 5.0%
Asset Based Trailer 0.0%
MONY ISWL
First policy year up to Target 110.0%
Excess Premiums (Policy Year 1) 4.0%
Renewals(1) 4.0%
Group UL
First Policy Year up to Target 110%
Excess Premiums (Policy Year 1) 4.0%
Renewals(1) 4.8%
--------
(1) Policy Year 2 and later.
2
TYPE OF PREMIUM PERCENTAGE
------------------------------------------- -------------------------------------------
Corporate Owned Life Insurance
First Policy Year up to Target 30.8%
Excess Premiums (Policy Year 1) 13.6%
Renewals(2) 15.0%
Asset Based Trailer(2) 0.20%(3)
Bank Owned Life (BOLI)
Single Premium 5.0%
Asset Based Trailer(2) 0.25%(3)
Incentive Life Legacy II and III
First Policy Year up to Target 99.0%
Excess Premiums (Policy Year 1) 8.5%
Renewals for Policy Year 2-5 5.8%
Renewals for Policy Years 6-10 3.8%
Renewals for Policy Year 11+ 2.5%
Athena IUL 153
First Policy Year up to Target 99.0%
Excess Premiums (Policy Year 1) 8.5%
Renewals for Policy Year 2-5 8.0%
Renewals for Policy Years 6+ 3.0%
BrightLife(R) IUL and SIUL Product Series
First policy year up to Target 99.0%
Excess Premiums (Policy Year 1) 8.5%
Renewals for Policy Years 2-5 5.0%
Renewals for Policy Years 6-10 3.0%
Renewals for Policy Years 11+
BrightLife(R) Protect 1.0%
BrightLife(R) Grow 2.0%
All Other MLOA Products
First Policy Year up to Target 110.0%
Excess Premiums (Policy Year 1) 4.0%
Renewals(2) 5.0%
Asset Based Trailer 0.0%
--------
(2) Policy Year 2 and later.
(3) Based on unloaned policy account value.
3
Commissions on renewals and 2014 and later sales of Individual Term Life
Insurance Products:
TYPE OF PREMIUM PERCENTAGE
------------------------------------------- -------------------------------------------
First Year 99.0%
One Year Term Life (GF #148-51) 10% (5% for issue ages 80 and above)
Renewals for Simplified Issue Term
Policy Years 2-5
Term 10 (SM) 0.25%
Term 15 (SM) 0.25%
Term 20 (SM) 0.25%
Renewals for Term Series 156
Policy Years 2-5
Term 10 (SM) 7.0%
Term 15 (SM) 10.5%
Term 20 (SM) 14.25%
ART (SM) 7.65%
Policy Years 6-10
Term 10 (SM) 0.0%
Term 15 (SM) 1.0%
Term 20 (SM) 1.0%
ART (SM) 3.15%
Commissions on In-force Permanent Life Insurance Products (other than COLI,
BOLI, Incentive Life Legacy II and III, Incentive Life Optimizer(R) III, Athena
IUL 153, and BrightLife(R) IUL and SIUL):
TYPE OF PREMIUM PERCENTAGE
------------------------------------------- -------------------------------------------
Renewals(4) 5.0%
Asset Based Trailer 0.0%
--------
(4) Policy Year 2 and later.
4
Commissions on In-force COLI:
TYPE OF PREMIUM PERCENTAGE
------------------------------------------- -------------------------------------------
Renewals(5) 15.0%
Asset Based Trailer(4) 0.20%(6)
Commissions on In-force BOLI:
TYPE OF PREMIUM PERCENTAGE
------------------------------------------- -------------------------------------------
Asset Based Trailer(4) 0.25%(5)
Commissions on In-force Term Life Insurance Products:
TYPE OF PREMIUM PERCENTAGE
------------------------------------------- -------------------------------------------
Renewals(7) 3.0%
Renewals(8) 0.0%
Commissions on Incentive Life Optimizer(R) III
TYPE OF PREMIUM PERCENTAGE
------------------------------------------------------------------- --------------------
Heaped Compensation
First Policy Year up to Target 99.0%
Excess Premiums (Policy Year 1) 8.5%
Renewals for Policy Year 2-5 5.8%
Renewals for Policy Years 6-10 3.8%
Renewals for Policy Year 11+ 2.5%
Asset Based Commissions on Unloaned Account Value (Policy Years 11 et seq.) 10bps
Semi-Heaped Compensation
First Policy Year up to Target 58.7%
Excess Premiums (Policy Year 1) 8.5%
Renewals for Policy Year 2-5 (up to Target) 15.0%
--------
(5) Policy Year 2 and later.
(6) Based on unloaned policy account value
(7) Applies to policies issued prior to 7/29/02.
(8) Applies to policies issued on or after 7/29/02.
5
Renewals for Policy Year 2-5 (Excess Premiums) 7.0%
Renewals for Policy Year 6-7 (up to Target) 13.0%
Renewals for Policy Year 6-7 (Excess Premiums) 5.0%
Renewals for Policy Years 8-10 2.0%
Renewals for Policy Year 11+ 1.5%
Asset Based Commissions on Unloaned Account Value (Policy Years 8 et seq,) 30bps
Liquidity Rider Compensation
First Policy Year up to Target 36.7%
Excess Premiums (Policy Year 1) 8.5%
Renewals for Policy Year 2-5 (up to Target) 8.0%
Renewals for Policy Year 2-5 (Excess Premiums) 7.0%
Renewals for Policy Year 6-7 (up to Target) 6.0%
Renewals for Policy Year 6-7 (Excess Premiums) 5.0%
Renewals for Policy Years 8-10 2.0%
Renewals for Policy Year 11+ 1.5%
Asset Based Commissions on Unloaned Account Value (Policy Years 8 et seq.) 30bps
6